Tay Hong Beng, Partner and Head of Real Estate at KPMG in Singapore, speaks on the importance of integrating Environmental, Social and Governance (ESG) standards in the sector and optimising supply chain networks for long-term growth.
In the wake of recent global developments, including the pandemic and geopolitical tensions, the real estate sector has experienced significant disruptions, underscoring the importance of sustainable practices and robust supply chains. The prominence of environmental, social, and governance (ESG) factors has also increased, with the post-pandemic environment and energy crisis propelling the push for sustainability.
In an interview with Real Estate Asia, Tay Hong Beng, Partner and Head of Real Estate at KPMG in Singapore, explores the key trends and developments shaping the real estate sector, providing insights into the industry’s future amid global challenges and risks. He also emphasises the integral role that tax consultants play in serving their clients better through staying updated on policy changes and the evolution of global tax rules.
As the demand for higher ESG standards from consumers and businesses intensifies, integrating sustainable measures into real estate projects is becoming a crucial expectation in the industry. Furthermore, the adaptability of supply chains plays a key role in the success of real estate projects, making it essential for industry professionals to continuously reassess and refine their supply networks to ensure versatility.
To address growing ESG expectations, property developers and landlords can explore diverse solutions. For example, they can utilise technology like digital twins to trial innovative green building designs, identify gaps in the design and incorporate renewable energy sources within infrastructures.
By embracing these innovative approaches and staying attuned to the evolving global landscape, the real estate sector can successfully navigate the challenges ahead and contribute to a more sustainable and resilient future.